(CB-24-16) Information and Reporting Reminders for the Fiscal Operations Report for 2023–24 and Application to Participate for 2025–26 (FISAP)

Author
Federal Student Aid
Electronic Announcement ID
CB-24-16
Subject
Information and Reporting Reminders for the Fiscal Operations Report for 2023–24 and Application to Participate for 2025–26 (FISAP)

The Fiscal Operations Report for 2023–24 and Application to Participate for 2025–26 (FISAP) is now available on the Common Origination and Disbursement (COD) website.

Schools that had Campus-Based expenditures for the 2023–24 award year and schools that wish to request funding under the Campus-Based programs for the 2025–26 award year are required to electronically submit a FISAP via the COD website. The deadline for the electronic submission of the FISAP is 11:59 p.m. Eastern time (ET) on Tuesday, Oct. 1, 2024. Transmission must be completed by midnight.

In a May 20, 2024 Electronic Announcement, schools were informed of the availability of the final 2025–26 FISAP Form, Instructions, Desk Reference and 2025–26 Technical Reference documents.

General Reporting Reminders

  1. Updates to the FISAP and instructions have been outlined in a May 20, 2024 Electronic Announcement.

  2. Only Federal Pell Grant disbursements made from 2023–24 funds should be reported in Part II, Section E, Field 23. If crossover payments are made from 2024–25 funds, the disbursements should be reported in next year's FISAP (Fiscal Operations Report for 2024–25 and Application to Participate for 2026–27).

  3. As a reminder, schools that return more than 10% of their 2023–24 total (initial plus supplemental) Federal Work-Study (FWS) and/or Federal Supplemental Educational Opportunity Grant (FSEOG) programs allocation MUST request an underuse waiver in Part II, Section C to avoid incurring the underuse penalty on their 2025–26 FWS or FSEOG awards.

  4. The financial aid and business office staff must coordinate efforts to reconcile G6 activity and disbursement/earning records to report accurately on the FISAP.

  5. If funds are drawn from G6 that exceed the amounts reported as expended on the FISAP, a negative balance will result, and the school will need to return funds to G6.

    Example: If a school's FWS authorized amount was $50,000 and the school reported an expended amount of $40,000 on its FISAP (as calculated in Part V, Section E, Field 18), the school's award will be closed out at the expended amount of $40,000. If more than $40,000 has been drawn in G6, a negative balance for the amount drawn over $40,000 will result and that amount must be returned.

  6. Appropriate Administrative Cost Allowance (ACA) should be calculated and claimed (see Volume 6 of the Federal Student Aid Handbook). After Dec. 13, 2024, schools are not permitted to make any additional claims to the ACA that were not previously reported on its FISAP.

    Note: No Federal Perkins Loan Program ACA is permitted to be claimed.

  7. Report the federal share of Perkins Loan funds that your school returned to the Department of Education in Part III, Section A, line 28.1 “Repayments of fund capital to federal government” by adding the amount you returned in 2023–24 to the cumulative amount previously reported in this field.

  8. Report the institution’s service cancellation reimbursement amount that your school was instructed to reimburse itself from the Perkins Fund in Part III, Section A, line 28.2 “Service cancelation reimbursement received on or after 07/01/2019” by adding the amount you were instructed to reimburse in 2023–24 to the cumulative amount previously reported in this field.

  9. Report the institutional share of Perkins Loan funds that you returned to your school in Part III, Section A, line 30.2 “Repayments of excess/liquidated fund capital to Institution” by adding the amount you repaid the school in 2023–24 to the cumulative amount previously reported in this field.

Contact Information

For additional information about the FISAP or the referenced documents, contact the FSA Partner and School Relations Center at 1-800-848-0978. You may also email CODSupport@ed.gov.